President Emmerson Mnangagwa has said that the US company General Electric Co. and Power Construction Corp. of China will build a US$4 billion Batoka Gorge hydropower project on the Zambezi River.

Speaking on the sidelines of the US Africa summit in Mozambique, Mnangagwa said the project will be done jointly by Zimbabwe and Zambia and upon completion is expected to generate 2 400 megawatts.

Mnangagwa said, “Zambia and Zimbabwe have agreed on this project. We have all agreed that we give it to GE — China Power and GE together.

“It’s critical that we move fast on that front because it’s necessary that as we industrialize that we need electricity.”

The envisaged Batoka Gorge Hydropower Plant will be built upstream of Lake Kariba whose water level has receded alarmingly reducing electricity generation fro the two countries leading to crippling power cuts.

The last time General Electric toured Zimbabwe looking to invest, early last year, they flew out of the country without leaving a penny.